Starbucks dive after Schultz warns

CHICAGO (CBS.MW) -- Starbucks shares dived in post-market trading Wednesday after the coffee maker delivered another robust month of same-store sales but warned investors not to expect that to continue.

Shares of Starbucks
SBUX, +0.22%
which had peaked at a 52-week high of $39.68 in intraday trading, dived 4.3 percent in the after hours to $37.19, off $1.66. The shares rested at the close at $38.95.

In a late-day release, the Seattle-based chain said that stores open longer than a year jumped 13 percent in February while total sales vaulted an eye-popping 32 percent to $288 million compared to last year's.

But Chief Executive Howard Schultz said the "current level of revenue performance is not sustainable," according to a statement. The company has said for many weeks that it expected sales in the first two months of the quarter to be exceedingly high because of the surged in holiday gift-card purchases over the holidays.

Schultz said sales were bloated further with the early start to the annual brewing promotional event. However, he continues to forecast a 20 percent sales growth for the year with same-store sales to ring up in a range of 3 percent to 7 percent above year-ago levels.

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